How to trade RIL post the 45th AGM? Here's some help from technical charts

The 45th annual general meeting (AGM) of Reliance Industries concluded on Monday, August 29, with Mukesh Ambani, the Chairman and Managing Director of the conglomerate, laying out plans for future growth. He promised to double the value of the company by 2027.

The billionaire industrialist also aims to roll out Jio 5G services in the four metro cities by Diwali, and plans to foray into the FMCG business within a year. 

The legacy of the Reliance group founder, Dhirubhai Ambani will be transmitted by Isha Ambani, Aksah Ambani, and Anant Ambani respectively, as the head of  FMCG/Retail, Jio, and Green energy businesses. Mukesh Ambani is proactively planning the succession plans of the giant Reliance group.

Here's the technical outlook to understand the next move of Reliance stock: 

The Reliance Industries stock has doubled from the lows hit during the Covid-19 pandemic-led market crash. Over the past decade, it has gained six times. Going ahead, the bullish outlook continues with the stock likely to venture into uncharted territories. 

The stock hit an all-time high of Rs 2,847 in April 2022, and has surged 10 per cent so far in the current year calendar year. While the present chart formation suggests sideways movement, the stock has inevitably formed a consolidation pattern, shows the daily chart.

The cushion range exits at Rs 2,400- Rs 2,200 levels, where one could eye accumulation, while the resistance falls at Rs 2,800 levels, according to the monthly chart. Medium-term outlook shall remain positive as long as the stock holds Rs 2,200-mark.

Broader outlook is well placed as well over the 200-weekly moving average (WMA), which the stock upheld even during Covid-19 bear rally. The 200-WMA of the stock comes at Rs 1,850. The immediate support exists at Rs 2,284 mark, which is the 100-WMA.

Technically, the underlying trend is robust and a smart move over Rs 2,800 could trigger fresh upside to Rs 3,500 level over the next one year. CLICK HERE FOR THE CHART